Hi Roobin – thanks for the reply.
Yes – I already have "MIDI CLK = ON" in the system settings.
However, I figured it out – simple really – one has to enable "tap tempo = on" for the bank (click encoder once – so that you see the tempo light blinking) then save the bank. Viola – now every time I come back to that bank and/or change midi tempo – the TimeFactor follows.
Which makes a lot of sense as you would want the option NOT change tempos on space mod effects (e.g. chorus-y effects, etc.)